VIRGINIA BEACH, VA (April 1, 2019) – Gas prices at the pump increase 40 cents since the New Year in the Commonwealth. Currently, the average price for unleaded gas is $2.45, a 25-cent increase from last month and just two cents less than last year. In other parts of Virginia, gas prices are a bit higher such as Hampton Roads at $2.46 with a 29-cent increase from last month and two pennies away from last year’s price. The national gas price average is currently at $2.69. While that is seven-cents more expensive than last week and 27-cents more than last month, it is only four cents more expensive than last year.
“Three months ago, motorists could find gas for less than $2.50 at most of gas stations. Today, you can only find gas for that price at one-third of stations, which is likely giving sticker shock to motorists across the country,” said Katharine Beachboard, AAA spokesperson. “Gasoline stocks have been steadily decreasing since early February causing spikes at the pump that are likely to continue for the coming weeks.”
At the close of Friday’s formal trading session on the NYMEX, WTI increased 84 cents to settle at $60.14 – the highest closing price seen this year. Oil prices increased last week, helping to establish solid price gains for the first quarter of 2019, as the market expects further tightening in global crude availability as a result of OPEC’s 1.2 million b/d production cut and the U.S. imposing sanctions on Iranian and Venezuelan crude exports. Moving into this week, prices will likely continue their ascent, with the combined effect of the tightening in the global crude oil market overshadowing concerns that the global economy is slowing, which could decrease global crude demand during the second half of 2019.
As part of North America’s largest motoring and leisure travel organization, AAA Tidewater Virginia provides its more than 330,000 members with travel, insurance, financial and automotive-related services. Since its founding AAA Tidewater Virginia has been a leader and advocate for the safety and security of all travelers. For more information, visit AAA.com and follow us on Twitter at Twitter.com/AAATidewaterVA or Facebook at facebook.com/AAATidewaterVirginia.